COMMODITY DAILY OVERVIEW FOR 26TH SEPT 2013 Bullions desk witnessed choppy trend as lack of clarity over the outlook of US economic stimulus amid mixed comments from Fed officials confused market players as which way to go. COMEX spot gold jumped more than 1% above $1335, struggling to hold previous gains due to short covering on option contract expiry at COMEX amid weakness in US dollar index supported prices somewhat. Base metals complex traded sideways to positive following positive US home sales data. US crude oil continued to decline, slumped nearly one percent below $103 while base metals complex managed to hold in green zone as LME copper traded near $7200. Crude oil prices continued to trade lower on easing geopolitical tensions, resumption of Libyan production amid unexpected rise in US stockpiles weighed on prices. The Energy Information Administration said that crude oil stockpiles rose by 2.63 million barrels in the week ending September 20, confounding expectations for a 1.1 million decline, after a 4.4 million barrel drop in the previous week. Today, gold traders should watch US GDP and jobless claims data for further direction. COMEX spot gold has support at $1305 and resistance at $1355. Silver has support at $21.50 and resistance at $22.30. Crude oil prices are expected to trade under selling pressure here strong support lies at $102, closing below it may push prices lower near $98.
Posted on: Thu, 26 Sep 2013 03:45:32 +0000
Trending Topics
Recently Viewed Topics
© 2015